Se podrían continuar analizando los datos conseguidos en el experimento. Sería de interés estudiar si existen diferencias entre: el país de origen, las carreras que están cursando, el sexo, la edad, y el día de la semana y la hora en que se realizó el experimento.
Además, se podría progresar desde el punto de vista teórico-formal para encontrar una forma de incorporar estos resultados dentro de un modelo de decisión. De este modo, se podría avanzar hacia la determinación de un mecanismo que permita representar, de una mejor manera, la forma en la que los agentes valoran las alternativas riesgosas. Lo que es más importante, si se verifica que la magnitud de las sumas de dinero involucradas en las decisiones afecta la manera de elegir de las personas, la teoría económica debería contemplar este comportamiento.
A modo de ejemplo y tomando el modelo del valor actual neto para demostrarlo, se podría plantear un ajuste a la tasa de descuento considerando la magnitud de los flujos de fondos a descontar. Por un lado, cuando los flujos de fondos sean bajos, la tasa de descuento será más baja que la tasa obtenida a través de los modelos tradicionales (los agentes son amantes al riesgo en este punto). Por otro lado, cuando los flujos de fondos sean altos, la tasa de descuento será más alta que la tasa obtenida a través de los modelos tradicionales (los agentes son adversos al riesgo en este punto). Bancos de inversión y empresas de asesoría financiera podrían aprovechar los resultados de esta investigación para diseñar activos financieros que introduzcan esta condición con la finalidad de obtener mayores utilidades monetarias.
6.Bibliografía
Allais, M. (1953). Le Comportement de l'Homme Rationnel devant le Risque: Critique des Postulats et Axiomes de l'Ecole Americaine. Econometrica, 21(4), 503-546.
Allais, M. (1988). An Outline of My Main Contributions to Economic Science. Economic
Sciences, 233-252.
Arnett, J. (2008). The Neglected 95%: Why American Psychology Needs to Become Less American. American Psychologist, 63(7), 602-614.
Baddeley, M. (2010). Herding, Social Influence and Economic Decision-Making: Socio- Psychological and Neuroscientific Analyses. Philosophical Transactions of the Royal Society B, 365, 281-290.
Baddeley, M., Pillas, D., Christopoulos, Y., Schultz, W., y Tobler, P. (2007). Herding and
Social Pressure in Trading Tasks: A Behavioural Analysis.
Barberis, N., Huang, M., y Santos, T. (1999). Prospect Theory and Asset Prices. Cambridge, Massachusetts: National Bureau of Economic Research.
Bernoulli, D. (1738). Publicado en 1954. Exposition of a New Theory on the Measurment of Risk. Econometrica, 22(1), 23-36.
Chakravarty, S., y Ma, Y. (2009). A Reexamination of the House Money Effect: Rational
Behavior or Irrational Exuberance? West Lafayette, Indiana.
Chaz Sardi, M. C. (2015). Garantías: Problemas de Información y Errores de Percepción. La
Visión Tradicional y el Aporte de la Economía Conductual. Tesis Doctoral en
Economía. Universidad Nacional del Sur. Disponible en Internet:
http://repositoriodigital.uns.edu.ar/bitstream/123456789/2357/1/Tesis%20DOCTOR AL%20Chaz%20Sardi.pdf
Chaz Sardi, M. C., y El Alabi, E. (2012). Sesgos de Comportamiento en el Proceso de Toma de Decisiones: Alguna Evidencia Experimental sobre "Loss Aversion" y "Mental Accounting". Banco Central de Uruguay.
Corgnet, B., Gonzalez, R. H., Kujal, P., y Porter, D. (2013). The Effect of Earned vs. House Money on Price Bubble Formation in Experimental Asset Markets. Universidad Carlos III de Madrid, Departamento de Economía, Getafe, España.
Corsetti, G., Pesenti, P., y Roubini, N. (1998). What Caused the Asian Currency Financial
Crisis? Part I: A Macroeconomic Overview. Cambridge, MA: National Bureau of Economic Research.
Croson, R., y Sundali, J. (2005). The Gambler's Fallacy and the Hot Hand: Empirical Data from Casinos. The Journal of Risk and Uncertainty, 30(3), 195-209.
Damasio, A. R. (1994). Descartes' Error: Emotion, Reason, and the Human Brain. Nueva
York: Avon.
Damasio, A. R., Tranel, D., y Damasio, H. C. (1990). Individuals with Sociopathic Behavior Caused by Frontal Damage Fail to Respond Autonomically to Social Stimuli. Behavioural Brain Research, 41, 81-94.
Danková, K. y Servátka, M. (2015). The House Money Effect and Negative Reciprocity. Journal of Economic Psychology, 48, 60-71.
Dannenberg, A., Riechmann, T., Sturm, B., y Vogt, C. (2010). Stability and Explanatory
Power of Inequality Aversion: An Investigation of the House Money Effect. Leibniz Information Centre for Economics.
Davis, L., Joyce, P., y Roelofs, M. (2010). My Money or Yours: House Money Payment Effect. Accounting Faculty Publications.
Dehling, H. G. (1997). Daniel Bernoulli and the St. Petersburg Paradox. Nieuw Archief Voor Wiskunde, 15(3), 223-227.
Devenow, A., y Welch, I. (1996). Rational Herding in Financial Economics. European
Economic Review, 40, 603-615.
Eckel, C. C., y Grossman, P. J. (2002). Sex Differences and Statistical Stereotyping in Attitudes Towards Financial Risk. Evolution and Human Behavior, 23, 281-295.
Einhorn, H. J., y Hogarth, R. M. (1986). Decision Making under Ambiguity. Journal of
Business, 59(6), 225-250.
El Alabi, E., y Chaz Sardi, M. C. (2013). Un Análisis Explotatorio sobre la Influencia de la Educación Financiera en la Toma de Decisiones: Estudio Experimental a Través de la Heurística de Mental Accounting. Asociación Argentina de Economía Política. Exadaktylos, F., Espín, A., y Brañas-Garza, P. (2013). Experimental Subjects are not
Different. Scientific Reports, 3(1213).
Fernandes, J. L., Peña, J. I., y Tabak, B. M. (2006). Myopic Loss Aversion and House Money Effect Overseas: An Experimental Approach. Banco Central do Brasil, Research Department, Brasilia.
Feltovich, N. (2011). What’s to Know about Laboratory Experimentation in Economics? Journal of Economic Surveys, 25(2), 371-379.
Friedman, M., y Savage, L. J. (1948). The Utility Analysis of Choices Involving Risk. The
Journal of Political Eocnomy, 56(4), 279-304.
Frino, A., Grant, J., y Johnstone, D. (2008). The House Money Effect and Local Traders on the Sydney Futures Exchange. Pacific-Basin Finance Journal, 16, 8-25.
Gachter, S., y Herrmann, B. (2008). Reciprocity, Culture and Human Cooperation: Previous
Decision Research and Experimental Economics. The University of Nottingham. ISSN: 1749-3293.
Gelfand, M., et al. (2011). Differences Between Tight and Loose Cultures: A 33-Nation Study. Science, 332(1100).
Gilovich, T., Griffin, D., y Kahneman, D. (2002). Heuristics and Biases: The Psychology of Intuitive Judgement. Nueva York: Cambridge University Press.
Heath, C. (1995). Escalation and De-escalation of Commitment in Response to Sunk Costs:
The Role of Budgeting in Mental Accounting. Organizational Behavior and Human
Decision Processes, 62(1), 38-54.
Henrich, J., et al. (2005). “Economic Man” in Cross-Cultural Perspecctive: Behavioral
Experiments in 15 Small-Scale Societies. Behavioral Brain and Sciences, 28, 795-
855.
Henrich, J., Heine, S., y Norenzayan, A. (2010). The Weirdest People in the World?. des
Rates für Sozial- und Wirtschaftsdaten, 139.
Herrmann, B., et al. (2008). Antisocial Punishment Across Societies. Science, 319(1362). Hirst, E., Joyce, E. J., y Schadewald, M. S. (1994). Mental Accounting and Outcome
Contiguity in Consumer-Borrowing Decisions. Organizational Behavior and Human Decision Processes, 58, 136-152.
Hsu, Y. L., y Chow, E. H. (2010). House Money and Investment Risk Taking. 23rd
Australasian Finance and Banking Conference.
Hu, Y., Li, J., y Ran, L. (2015). Dynamic Pricing for Airline Revenue Management under Passenger Mental Accounting. Mathematical Process in Engineering.
Huygens, C. (1657). Publicado en 1980. De ratiociniis in ludo aleae. Ex officinia J.
Kahneman, D. (2011). Thinking Fast and Slow. Nueva York: Farrar, Strauss, Giroux.
Kahneman, D., y Tversky, A. (1979). Prospect Theory: An Analisis of Decision under Risk. Econometrica, 47, 263-291.
Kahneman, D., y Tversky, A. (1981). The Framing of Decisions and the Psychology of Choice. Science, New Series, 211(4481), 453-458.
Kahneman, D., y Tversky, A. (1984). Choices, Values and Frames. American Psychologist, 39(4), 341-350.
Kahneman, D., y Tversky, A. (1986). Rational Choice and the Framing of Decisions. The
Hournal of Business, 59(4), 251-278.
Kahneman, D., Knetsch, J. L., y Thaler, R. H. (1990). Experimental Tests of the Endowment Effect and the Coase Theorem. Jornal of Political Economy, 98(6), 1325-1348. Kahneman, D., Knetsch, J. L., y Thaler, R. H. (1991). Anomalies: The Endowment Effect,
Loss Aversion, and the Status Quo Bias. The Journal of Economic Perspectives, 5(1), 193-206.
Kahneman, D., Slovic, P., y Tversky, A. (1982). Judgment under Uncertainty: Heuristics
and Biases. Cambridge, United Kingdom: Cambridge University Press.
Keasey, K., y Moon, P. (1996). Gambling with the House Money in Capital Expenditure Decisions: An Experimental Analysis. Economic Letters, 50, 105-110.
Keynes, J. M. (1930). A Treatise on Money. Londres, United Kingdom: Macmillan.
Knetsch, J. L., y Sinden, J. A. (1984). Willingness to Pay and Compensation Demanded:
Experimental Evidence of an Unexpected Disparity in Measures of Value. The
Kühberger, A., Schulte-Mecklenbeck, M., y Perner, J. (2002). Framing Decisions:
Hypothetical and Real. Organizational Behavior and Human Decision Processes,
1162-1175.
Laplace, P. S. (1820). Théorie Analytique des Probabilités. Paris: Libraire pour les
Mathématiques.
Liu, Y.-J., Wang, M.-C., Tsai, C.-L., y Zhu, N. (2006). House Money Effect: Evidence from Market Makers at Taiwan Futures Exchange.
Loureiro, K. Y. y Haws, K. L. (2015). Positive Affect and Malleable Mental Accounting: An Investigation on the Role of Positive Affect in Flexible Expense Categorization and Spending. Psychology y Marketing, 32(6), 670-677.
Manzur, E., Olavarrieta, S., Hidalgo, P., Farías, P. (2014). Endowment Effect in Latin
America: An Experiment. Disponible en http://ssrn.com/abstract=2620975.
Markowitz, H. (1952). The Utility of Wealth. Journal of Political Economy, 60(2), 151-158.
Mayo, D. (2008). Some Methodological Issues in Experimental Economics. Philosophy of
Science, 75(5), 633-645.
Milanesi, G. S., y El Alabi, E. (2011). Toma de Decisiones en Condiciones de Incertidumbre y la Heurística de la Representatividad. Buenos Aires: X Congreso Internacional de Administración.
Moon, P., Keasey, K., y Duxbury, D. (1999). Mental Accounting and Decision Making: The Relationship Between Relative and Absolute Savings. Journal of Economic Behavior and Organization, 38, 145-153.
Morewedge, C. y Giblin, C. (2015). Explanations of the Endowment Effect: An Integrative View. Trends in Cognitive Science, 19(6), 339-348.
Moro, R., y Freidin, E. (2012). Estudios Experimentales sobre Corrupción y el Problema de la Validez Externa. Interdisciplinaria, 29(2), 223-233.
Odean, T. (1998). Are Investors Reluctant to Realize Their Losses? The Journal of Finance, 53(5), 1775-1798.
Post, T., Van den Assem, M. J., Baltussen, G., y Thaler, R. H. (2008). Deal or No Deal?
Decision Making under Risk in a Large-Payoff Game Show. American Economic
Review, 98(1), 38-71.
Reinstein, D., y Riener, G. (2009). House Money Efffect on Charitable Giving: An
Experiment.
Rockenbach, B. (2004). The Behavioral Relevance of Mental Accounting for the Pricing of Financial Options. Journal of Economic Behavior and Organization, 53, 513-527. Savage, L. J. (1954). The Foundations of Statistics. Nueva York: John Wiley y Sons.
Shefrin. (1999). Beyond Greed and Fear: Understanding Behavioral Finance and the
Psychology of Investing. Boston: Harvard Business School Press.
Shefrin, H. (2009). Behavioralizing Finance. Santa Clara University, Leavey School of
Business, Santa Clara, CA.
Shefrin, H., y Statman, M. (1985). The Disposition to Sell Winner Too Early and Ride Losers Too Long: Theory and Evidence. The Journal of Finance, 40(3), 777-790.
Shefrin, H., y Statman, M. (2000). Behavioral Portfolio Theory. Journal of Finance and
Quantitative Analysis, 35(2), 127-151.
Simon, H. A. (1955). A Behavioral Model of Rational Choice. The Quarterly Journal of
Economics, 69(1), 99-118.
Simon, H. A. (1975). The Functional Equivalence of Problem Solving Skills. Cognitive
Simon, H. A. (1978). Rationality as Process and as Product of Thought. The American Economic Review, 68(2), 1-16.
Simon, H. A. (1979). Rational Decision Making in Business Organizations. The American
Economic Review, 69(4), 493-513.
Simon, H. A. (1986). The Information Processing Explanation of Gestalt Phenomena. Computers in Human Behavior, 2, 241-255.
Thaler, R. (1980). Toward a Positive Theory of Consumer Choice. Journal of Economic
Behavior and Organization, 1, 39-60.
Thaler, R. (1984). Using Mental Accounting in a Theory of Consumer Behavior. Cornell
University.
Thaler, R. (1985). Mental Accounting and Consumer Choice. Marketing Science, 4(3), 199-
214.
Thaler, R. (1999). Mental Accounting Matters. Journal of Behavioral Decision Making,
12(3), 183-296.
Thaler, R., y Johnson, E. J. (1990). Gambling with the House Money and Trying to Break Even: The Effects of Prior Outcomes on Risky Choice. Management Science, 36(6).
Tversky, A., y Kahneman, D. (1971). Belief in the Law of Small Numbers. Psychological
Bulletin, 76(2), 105-110.
Tversky, A., y Kahneman, D. (1974). Judgment under Uncertainty: Heuristics and Biases. Science, 185(4157), 1124-1131.
Tversky, A., y Kahneman, D. (1981). The Framing of Decisions and the Psychology of Choice. Science, 211(4481), 453-458.
von Neumann, J., y Morgenstern, O. (1944). Theory of Games and Economic Behavior.
Weber, M., y Zuchel, H. (2001). How do Prior Outcomes Affect Risky Choice? Further Evidence on the House-Money Effect and Escalation of Commitment. Universitat Mannheim.
Zajonc, R. B. (1980). Feeling and Thinking: Preferences Need No Inferences. American
Psychologist, 35(2), 151-175.
Zizzo, D. (2008). Experimenter Demanded Effects in Economic Experiments. Social Science Research Discussion Paper. Disponible en http://ssrn.com/abstract=1163863.